Records Management Blog | Practical Records Management

The REAL cost of Lost Documents

Posted by Michael Thomas on Thu, Aug 13, 2009 @ 01:19 PM

Document management is one area of business that is often overlooked.  That is, of course, until the first time that an important document goes missing.  Lost documents can cause problems including poor customer service, inefficient operation, and legal penalties. The best way to avoid disorganization is by to ensure that you've taken some simple steps to ensure you can find your files when you need them.

Create a Document Policy

Start by putting together a document policy for your company.  This should include specifics about how employees are to handle filing, retrieving and keeping files.  Lost documents can cost your business in lost time, money and reputation.  When documents are needed for tax purposes or for litigation the outcome depends on the ability to produce accurate records.  If records are lost it can cost your company thousands of dollars.

Stay Organized

Keep your company organized by putting a document storage policy in place.  Typically, the safest and most affordable place to store older documents in at a records management facility.  There your files will be properly inventoried and organized.  If you need a document you can easily get it with a simple request.  Files are secure and easy to find - the two main requirements of any file system.

Consider all Storage Options

In addition to storing paper files you can also choose to turn your files into electronic documents by scanning.  The scanning of files can either be done internally or outsourced, depending on your preference and needs.  For many companies file scanning makes sense because it cuts down on storage costs and improves file organization.  Once files are no longer needed they can be disposed of by shredding.

Leverage Efficiency to Save Money

Lost documents can actually cost your company in the long run.  Choose a records management policy that you can work with and that properly does the task of organizing your documents properly.  Partnering with a reputable records management company will almost always save you money and provide you with ongoing support for all your records management needs.

Tags: ECM, Scanning, Enterprise Search, File Storage, Records Management